Economics 0455 · IGCSE · Price elasticity of demand (PED)

Price elasticity of demand (PED) — practice question

As the price of meat rose from $5$ to $6$ per kg, Joe cut his meat purchases from $40$ kg each month to $20$ kg each month. What was Joe’s price elasticity of demand for meat?

A0.4
B2.0
C2.5
D20

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